'WE'RE OUT OF MONEY' (Breaking on Drudge)

Drudge Report ^ | 05/23/2009 | Matt Drudge

[autumnraine]

'WE'RE OUT OF MONEY'
Sat May 23 2009 10:32:18 ET

In a sobering holiday interview with C-SPAN, President Obama boldly told Americans: "We are out of money."

C-SPAN host Steve Scully broke from a meek Washington press corps with probing questions for the new president.

SCULLY: You know the numbers, $1.7 trillion debt, a national deficit of $11 trillion. At what point do we run out of money?

OBAMA: Well, we are out of money now. We are operating in deep deficits, not caused by any decisions we've made on health care so far. This is a consequence of the crisis that we've seen and in fact our failure to make some good decisions on health care over the last several decades.

So we've got a short-term problem, which is we had to spend a lot of money to salvage our financial system, we had to deal with the auto companies, a huge recession which drains tax revenue at the same time it's putting more pressure on governments to provide unemployment insurance or make sure that food stamps are available for people who have been laid off.

So we have a short-term problem and we also have a long-term problem. The short-term problem is dwarfed by the long-term problem. And the long-term problem is Medicaid and Medicare. If we don't reduce long-term health care inflation substantially, we can't get control of the deficit.

So, one option is just to do nothing. We say, well, it's too expensive for us to make some short-term investments in health care. We can't afford it. We've got this big deficit. Let's just keep the health care system that we've got now.

Along that trajectory, we will see health care cost as an overall share of our federal spending grow and grow and grow and grow until essentially it consumes everything...

SCULLY: When you see GM though as “Government Motors,” you're reaction?

OBAMA: Well, you know – look we are trying to help an auto industry that is going through a combination of bad decision making over many years and an unprecedented crisis or at least a crisis we haven't seen since the 1930's. And you know the economy is going to bounce back and we want to get out of the business of helping auto companies as quickly as we can. I have got more enough to do without that. In the same way that I want to get out of the business of helping banks, but we have to make some strategic decisions about strategic industries...

SCULLY: States like California in desperate financial situation, will you be forced to bail out the states?

OBAMA: No. I think that what you're seeing in states is that anytime you got a severe recession like this, as I said before, their demands on services are higher. So, they are sending more money out. At the same time, they're bringing less tax revenue in. And that's a painful adjustment, what we're going end up seeing is lot of states making very difficult choices there...

SCULLY: William Howard Taft served on the court after his presidency, would you have any interest in being on the Supreme Court?

OBAMA: You know, I am not sure that I could get through Senate confirmation...

Developing...

[freekitty]

Than we better get united and get out of Obama fast.

[Texas Fossil]

I do not refer to him as the Office he was elected to.

I refer to him as the “one” who sleeps in the White House.

For Now.

This thing is going to implode.

[Gaffer]

The pResident (small ‘p’ silent).

[LS]

Yeah, I keep hearing this, but gold is doing anything but skyrocketing. Granted, it’s up a lot from about 3-4 years ago, but nothing like what the doomsayers suggest. If gold were such a “hedge” and such a deal, it should be at $2000 an oz today.

[romanesq]

Does anyone see the latest “big lie” he’s now presenting? He’s now going to sell government health care as a necessity to fix the deficits.

Is anyone in the media going to question this utter lame propaganda.

[Texas Fossil]

The pResident (small ‘p’ silent).

I like it. And it is appropriate, he always voted "present" in the senate. I wonder what his out will be now. I am not present?

[Rocky]

Nonsense. All he has to do is say “Abra-cadabra” and - poof! - more money will appear. After all, he’s the president.

[DTogo]

Good! Fedzilla must be stopped!

[gitmo]

Shouldn’t Drudge’s headline be “Obama tell Truth”

[BP2]

>>> There’s no way someone can spend so much money so recklessly without some plan behind it.

His true agenda is in his next two sentences from the interview:

OBAMA: Well, we are out of money now. We are operating in deep deficits, not caused by any decisions we've made on health care so far. This is a consequence of the crisis that we've seen and in fact our failure to make some good decisions on health care over the last several decades.

Bullsh!t. Aetna, Blue Cross and Tricare isn't making banks fail. THIS is, though:

Big Government got us in this mess -- Bigger Government sure as hell isn't going to get us out of it!

[reagandemocrat]

>>>But, I love how he blames it on us not having “fixed” healthcare yet.<<<

That’s coming June 6th.

“Remember this date: Saturday, June 6th, 2009. We will look back on that day as the moment when the fight for real health care reform began in your neighborhood — perhaps even in your own living room.

On June 6th, in thousands of homes across the country, we’ll gather to launch our grassroots campaign for health care. We’ll watch a special message from the President. We’ll build the teams and draw up the plans for winning health care reform the same way we won the election: Building support one block, one neighbor, one conversation at a time. And we’ll put those plans into action.

These kickoffs are so crucial that President Obama will join confirmed hosts and attendees on a live conference call.”

[gitmo]

Does a President really have this much power? I thought there was a check and balance system to safeguard this kind of tyrannical power.

That was before SOBBO's seizure of the nation.

[blueyon]

Well I must give credit where credit is due, he finely came around. LOL

[ProtectOurFreedom]

Instead of massive public works projects, Obama is creating totally useless jobs for "progam coordinators," "grantwriters," and " "Marketing Specialists to increase 'public awareness of ARRA-funded services.'"

Read Mark Steyn's column today -- it is absolutely priceless. Statism the only thing being stimulated

[commish]

YOu know, I truly do try to be a good persona nd live by the good book, but I can honestly say that I literally hate this communist Kenyan a**hole with every fibre of my being.

I pray for the day his disgraced impeached marxist butt is frogmarched out of the White House.

[kabar]

Obama is the anti-Reagan. Reagan spent money for defense and to unleash the power of America’s industriousness while limiting funds for massive government growth in entitlement spending.

How so? Reagan worked out a deal in 1983 with Tip O'Neil to keep SS afloat by increasing taxes and reducing benefits, including raising the retirement age for full benefits from 65 to 67. SUMMARY of P.L. 98-21, (H.R. 1900) Social Security Amendments of 1983-Signed on April 20, 1983

[kabar]

We are in the process of losing our triple A rating, which will increase the cost of borrowing and make it more difficult to get loans.

[PSYCHO-FREEP]

“Yeah, I keep hearing this, but gold is doing anything but skyrocketing.”

That is because the Fed. kept interest rates artificially low. The time is NOW for rates to make up for lost time.
Also, the value of the Dollar was kept higher than it should have been also. Now that the value of our currency has finally started to adjust for Bernanke having monetized it more than 2 months ago, watch the value of Gold, Oil and fungible commodities to dramatically increase.

The recent increase in both Oil and Gold is the direct result of just what I explained above. (You do have a basic understanding of economics don't you?)

[TheWriterTX]

If it weren't for two big nest eggs, by your definition, we would officially be broke.

Premature babies and cancer can empty a bank account really quick.

What did we do to stay afloat? Stick our hand out? Hell no! We dug in deep, worked harder, and CUT BACK on spending!!

And this butt-wipe wants to EXPAND Medicare and Medicare? The man's officially on crack.

[Allegra]

Great stimulus plan there, Barry.